The present study reports synthesis and characterization of a new acrylamide‐based monomer containing rhodanine moiety, N‐3‐amino‐thiazolidine‐4‐one‐acrylamide (ATA). Poly(ATA)‐grafted magnetite nanoparticles (poly(ATA)‐g‐MNPs) were prepared using surface‐initiated atom transfer radical polymerization of the monomer on Fe3O4 nanoparticles. The grafted nanoparticles were characterized by Fourier transform infrared analysis, scanning electron microscopy, X‐ray diffraction, and vibrating sample magnetometry. The amount of the grafted polymer was 209 mg g−1, as calculated from thermogravimetric analysis experiment. The capability of poly(ATA)‐g‐MNPs to remove Co(II) cations was shown under optimal conditions of contact time, pH, adsorbent dosage, and initial Co(II) concentration. About 86% of the Co(II) cations were removed over 7 minutes. The adsorption kinetics obeyed the pseudo–second‐order kinetic equation, and the Langmuir isotherm model best described the adsorption isotherm with a maximum adsorption capacity of 3.62 mg g−1. The thermodynamic investigation showed spontaneous nature of the adsorption process (ΔG = −2.90 kJ mol−1 at 25°C ± 1°C). In addition, the poly(ATA)‐g‐MNPs were regenerated by simply washing with an aqueous 0.1M HCl solution. The study of the reusability of the prepared magnetic sorbent revealed that the sorbent can be reused without a significant decrease in the extraction efficiency and be recovered by 95.4% after 7 cycles. These findings suggest that the grafted nanoparticles are stable and reusable adsorbent and can be potentially applied to water treatment in efficient removal of Co(II) cations.